Singaporean AgriFood Tech accelerator, GROW, partners with Hong Kong-based consumer-tech enterprise AlgoGroup announcing their joint initiative to reinforce and support pet startups’ expansion across Asia.
The service sector is among the fastest-growing markets with a valuation of US$270 billion, and with new and innovative concepts emerging each year, only a few have managed to stay afloat. GROW, a Singapore-based AgriFood Tech catalyst announced their newly formed alliance with Hong Kong’s tech-enabled consumer product company AlgoGroup to help facilitate startups in the pet industry to scale and expand their operations across Asia.
“POUNCE” being their first initiative together, will serve as an international programme that leverages GROW’s expertise in scaling startups, advancing innovation, and building resilience, along with AlgoGroup’s experience in democratising brand building through their e-commerce services, big data analysis, and growth capital.
Through their joint capabilities, POUNCE will aid startups’ expansion into the Asian market, using Singapore as its centre of activity. Among their various initiatives, GROW has introduced coaching and mentoring initiatives for startup founders to localise supply chains, scale operations, and formulate global brand strategy and secure financing to facilitate their pan-Asia expansion.
Moreover, AlgoGroup will offer direct access to their tech-enabled marketplace, for companies to secure early traction by selecting their many services, including warehousing, product fulfilment, digital marketing, as well as other product distribution assistance.
The Chief Executive Officer of GROW, Joshua Soo stated, “This partnership brings together a comprehensive end-to-end capability from strategic advice to implementation, to secure early wins in Asia through Algo’s e-commerce services and retail channels.”
POUNCE is an integrative extension of GROW’s Land x Launch™ programme, which enables startups to tap into the Singaporean AgriFood Tech ecosystem, and its exclusive network of mentors, investors, and partners, following a similar backend to GROW’s commercially-focused programme designed in partnership with Innovate UK, Austrade, and Food Futures Company.
AlgoGroup has showcased a good track record of previous partnerships and investments with independent consumer brands, boosting joint cost, revenue, and strategic synergies across their networks. In addition to e-commerce services, POUNCE startups will get to leverage AlgoGroup’s network of over 120 points of sale with leading retail chains in Hong Kong such as APITA, Citistore, Citysuper, HKTVMall, ParkNShop, and more.
Chris Fung, the CEO and co-founder of AlgoGroup, also mentioned: “GROW’s demonstrated track record of running accelerator programs for startups in the AgriFood Tech sector makes them the perfect partner to work with us in identifying and nurturing cutting-edge product concepts.”
Interested emerging startups in the pet sector working in innovative and new processing technology, backing health, or sustainable solutions, can submit their applications here.